Reebok 2014 Annual Report Download - page 45

41
2014
/
01.7
/
Our Share
To Our Shareholders
adidas Group
/
2014 Annual Report
Average daily trading volume increases strongly
During 2014, the average daily trading volume of the adidas AG share on all German stock exchanges
(excluding bank trades) increased strongly to 1.4 million shares (2013: 0.8 million). The average daily
trading volume of the adidas AG share on alternative trading systems, such as CHI-X, Turquoise
and BATS Europe, also almost doubled to 0.9 million shares per trading day (2013: 0.5 million).
Share trading on OTC markets such as BOAT and EuroNext OTC decreased to 0.5 million shares per
trading day (2013: 1.1 million).
Level 1 ADR performs in line with common stock
Our Level 1 ADR closed 2014 at US $ 34.51, representing a decrease of 46% versus the prior year
level (2013: US $ 64.23). The more pronounced decrease of the Level 1 ADR price compared to the
ordinary share price was due to the appreciation of the US dollar versus the euro at the end of 2014
compared to year-end 2013. The number of Level 1 ADRs outstanding decreased to 5.9 million at
year-end 2014 compared to 9.2 million at the end of 2013. The average daily trading volume more
than doubled to 80,800 ADRs in 2014 (2013: 35,800). Deutsche Bank Trust Company Americas runs
the adidas AG Level 1 ADR Programme. Further information on our ADR Programme can be found
on our website.
adidas AG share member of important indices
The adidas AG share is included in a variety of high-quality indices around the world, most
importantly the DAX-30 and the MSCI World Textiles, Apparel & Luxury Goods Index. The DAX-30 is a
blue chip stock market index consisting of the 30 major German companies trading on the Frankfurt
Stock Exchange. The MSCI World Textiles, Apparel & Luxury Goods Index comprises our Group’s
major competitors. At December 31, 2014, our weighting in the DAX-30, which is calculated on
the basis of free float market capitalisation and twelve-month share turnover, decreased to 1.47%
(2013: 2.36%). Our lower weighting compared to the prior year was mainly due to the decrease in
market capitalisation of adidas AG which more than offset the increase in share turnover. Within
the DAX-30, we ranked 21 on market capitalisation (2013: 16) and 15 on turnover (2013: 17) at
year-end 2014. Additionally, in recognition of our social and environmental efforts, adidas AG is
listed in several key sustainability indices.
Convertible bond closes the year at € 108.95
In March 2012, adidas AG successfully issued a convertible bond, due on June 14, 2019, for an
aggregate nominal amount of € 500 million. The bonds are not callable by the issuer or putable by
the bondholders until June 2017. The bonds are convertible into up to 6.06 million new or existing
adidas AG shares. Proceeds from the offering have allowed the Group to further optimise its debt
structure. The bonds were priced with a 0.25% annual coupon and a conversion premium of 40%
above the reference price of € 59.61, resulting in an initial conversion price of € 83.46 per share. As
a consequence of contractual provisions relating to dividend protection, the conversion price was
adjusted to € 82.56 per share. This adjustment became effective on May 9, 2014. The convertible
bond closed the year at € 108.95, below the prior year value level of € 129.96.
www.adidas-group.com/adr
see Table 03
see Sustainability, p. 89
see Note 18, p. 213